Cryptocurrency Advocates Increase Financial Contributions to Democratic Politicians, Leading to Republican Discontent
In the bustling realm of cryptocurrency, there's a whopping sum on the line for the 2024 U.S. elections, with the industry poised to splurge hundreds of millions across House and Senate races nationwide. Despite crypto's usual ties to conservatives and the Trump school of thought, one substantial crypto super PAC has been sprinkling its coins on Democrats, too. This move isn't exactly music to some Republicans' ears.
NBC News is making some noise about Republican grumbles within the crypto community over funding Democrats. The spotlight's been squarely on Fairshake PAC—a political powerhouse with crypto at the heart of its mission. Already, Fairshake's gained a few wins, like running attack ads against Democrat Katie Porter during primaries. But it's not all Democrats on the receiving end, as Fairshake also backed a Democrat during the primaries – Shomari Figures in Alabama, to the tune of $2.7 million, according to CoinDesk. Figures is a progressive Democrat who digs crypto as a tech innovation.
As the general election funding round kicks off, Fairshake's actions have set off alarm bells in Republican circles. Reps. Ruben Gallego in Arizona and Elissa Slotkin in Michigan have heard the call, with pledges of about $3 million each from Fairshake, per NBC News. Surprisingly, both reps previously seemed to be crypto skeptics but now boast high ratings from the Stand With Crypto nonprofit advocacy group.
This crypto "mix and match" approach is leaving many Republicans scratching their heads. With crypto, they've been eager beavers—embracing it as both a speculative asset and a genuine currency, even if some were a wee bit skeptical in the early days. Trump himself dismissed bitcoin as "not money" and moaned about its volatility and ethereal nature. Now, however, Trump's all in on crypto, even if his comprehension of its mechanisms remains shaky.
The crypto fraternity is wondering if they can rely on political allies like Gallego and Slotkin—two reps who seemed to be crypto skeptics just a few months back.
Fairshake has vowed to lay low in the presidential race between Trump and Harris, but time will tell whether its gamble on House and Senate races will bring crypto the electoral sweet spots it craves. With current polling pointing to a strong win for Harris and the possibility of a Democratic sweep in November, the crypto lobby may find itself in need of some friendly faces in high places.
- Despite its traditional associations with conservatives, the tech-focused Fairshake PAC, a significant player in the crypto industry, has been funding Democrats as well as Republicans, causing unease among some Republicans.
- NBC News has highlighted the discomfort within the Republican circles regarding Fairshake's funding of Democrats, with reps like Ruben Gallego in Arizona and Elissa Slotkin in Michigan receiving pledges of approximately $3 million each.
- Interestingly, both Gallego and Slotkin, who were previously skeptical of crypto, now have high ratings from the Stand With Crypto nonprofit advocacy group, suggesting a change in their views.
- As the 2024 elections approach, Fairshake's approach of supporting candidates from both parties is causing confusion within the crypto community, leading many to ponder if they can trust political allies who seemed to be crypto skeptics just a few months ago.
